I have to say, I think the Yamaha stylists hit a home run when they did the VMax. It's just such a complete package. Sure, you could have incremental improvements, like a gen-yoo-wine ram air system, and updating to wider tires of the 'radial' persuasion, during the bike's lifetime. Maybe doing some improvements to the chassis, like Triumph does, and even Yamaha does, you can get premium suspension components, just pony-up the $$$, or get onto the basic bike for less-$$ & still have the Max-imum experience, for minimum $.
About the same time Yamaha was designing/ building the VMax (ok, 2 years later), the company released the FZR1000 and the FZR750. The FZR1000 was the performance leader, and the FZR750 was the same chassis, but with upgraded components and a smaller engine, for Superbike competition. Ohlins suspension, a 6-speed gearbox, and a competition kit was available, it was the high-price spread, sold for more-than the FZR1000, and made in much-smaller numbers. I think the Deltabox aluminum frame was the first production literbike to sport a perimeter wide-beam aluminum frame made of aluminum castings and forgings, and stampings. Suzuki had the aluminum 'Slingshot' GSXR frame, earlier, but the frame members were spindly compared to the Deltabox Yamaha. I think there was a limited edition Kawasaki 600 Ninja aluminum frame before that, but again, narrow frame members.
I agree, those megaphones polished-up look very cool. Heavy, but cool. I've thought about why no-one ever tried to make a tapered cover for the megaphones that you could screw or rivet into-place to cover scrapes or dents. Seems like a cottage industry piece in the waiting. I don't know if chromed or some stainless alloy would be better, or even just raw steel, that the owner could use to finish the way they wanted, powdercoat, paint, or chrome.
The stock pipes look great on a nicely detailed stock Vmax, IMO.